Financial Performance - The company's operating revenue for the first quarter reached CNY 4,781,525,555.03, representing a year-on-year increase of 37.66% compared to CNY 3,473,393,457.30[7] - Net profit attributable to shareholders decreased by 2.88% to CNY 1,210,866,236.48 from CNY 1,246,836,155.30 in the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 0.63% to CNY 1,194,521,061.85[7] - Basic and diluted earnings per share both decreased by 2.88% to CNY 0.2404[7] - The company reported an operating profit of approximately RMB 1,586,211 thousand for the period, a decrease of 4.02% year-on-year[28] - Net profit attributable to shareholders was approximately RMB 1,210,866 thousand, with earnings per share of RMB 0.2404, down 2.88% year-on-year[28] - Total comprehensive income for Q1 2025 was ¥1,080,176,529.13, down from ¥1,987,076,378.89 in Q1 2024, indicating a decrease of approximately 45.5%[39] Revenue Breakdown - The increase in operating revenue was primarily driven by increased investment in road and bridge projects, while excluding construction revenue, the operating revenue decreased by 0.72%[13] - The toll road business generated revenue of approximately RMB 2,326,727 thousand, with a year-on-year growth of about 2.25%[21] - The construction period revenue amounted to approximately RMB 1,797,290 thousand, reflecting a significant year-on-year increase of about 284.55%[22] - The revenue from the power sales decreased by approximately 17.23%, totaling RMB 171,711 thousand, primarily due to weather-related factors[22] - The real estate business reported operating revenue of approximately RMB 18,040 thousand, down about 76.02% year-on-year, as the company actively reduced its real estate operations[22] - The revenue from ancillary businesses was approximately RMB 420,638 thousand, showing a year-on-year increase of about 1.15%[21] - The company's revenue from other businesses increased by approximately 47.45%, totaling RMB 47,119 thousand, mainly due to increased income from hotel rooms and other sources[22] Cash Flow and Investments - The net cash flow from operating activities was CNY 1,713,194,681.50, up 4.48% from CNY 1,639,672,583.68[7] - Cash flow from operating activities for Q1 2025 was ¥1,713,194,681.50, an increase from ¥1,639,672,583.68 in Q1 2024, showing a growth of about 4.5%[42] - Cash inflow from investment activities in Q1 2025 was ¥2,537,947,833.25, down from ¥6,046,644,637.68 in Q1 2024, indicating a decrease of approximately 58.1%[42] - Cash outflow from investment activities totaled approximately $5.33 billion in Q1 2025, down from $8.28 billion in Q1 2024, reflecting a reduction in investment spending[43] - The company received approximately $212.47 million from minority shareholders in Q1 2025, reflecting ongoing investment interest from minority stakeholders[43] Assets and Liabilities - Total assets at the end of the reporting period were CNY 91,484,769,001.36, an increase of 1.78% from CNY 89,886,075,247.13 at the end of the previous year[9] - Total liabilities as of March 31, 2025, were CNY 40,518,979,419.41, slightly higher than CNY 40,152,087,126.76 reported on December 31, 2024, representing an increase of approximately 0.91%[35] - The total non-current liabilities rose to CNY 26,761,864,647.64, compared to CNY 23,965,580,035.62, reflecting an increase of approximately 11.83%[35] - The company's cash and cash equivalents decreased to CNY 727,739,684.05 from CNY 864,469,970.43, a decline of about 15.77%[33] - The company's inventory stood at CNY 1,974,050,589.08, slightly down from CNY 1,999,541,489.81, indicating a decrease of about 1.29%[33] Shareholder Information - The company had a total of 27,697 shareholders, with 27,332 A-share shareholders and 365 H-share shareholders[19] - Jiangsu Transportation Holding Co., Ltd. holds the largest share with 54.44% of the total shares[16] - The company’s stock structure includes significant foreign institutional investors such as BlackRock, Inc. and JPMorgan Chase & Co.[16] Future Outlook and Projects - The completion of the Ningyang Yangtze River Bridge in January 2025 is expected to enhance the company's market share and operational management capabilities in the region[29] - The company anticipates the completion of the northern connection project of the Ningyang Yangtze River Bridge by the end of 2025, with cumulative investment reaching RMB 4.217 billion[29] Operational Metrics - The average daily traffic for the company's toll bridges was 73,558 vehicles, a slight decrease of 0.56% year-on-year[23] - The daily average income from tolls was RMB 14,897.34 thousand, an increase of 9.58% year-on-year[23] - The Jiangsu Ninghu Expressway Company experienced a significant drop in traffic, with passenger vehicle traffic down 54.81% year-on-year[24] - The company noted that the number of days with waived tolls for small passenger vehicles during major holidays was 8 days, compared to 9 days in the same period last year[26] Accounting and Reporting Changes - The company has implemented new accounting standards starting in 2025, which may affect financial reporting and analysis going forward[44]

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,946.69 million, with earnings per share of approximately RMB 0.9819[9]. - The company's operating revenue for 2024 reached ¥23.20 billion, a 52.70% increase compared to ¥15.19 billion in 2023[14]. - Net profit attributable to shareholders was ¥4.95 billion, reflecting a 12.09% growth from ¥4.41 billion in the previous year[14]. - The net profit excluding non-recurring gains and losses was ¥4.88 billion, up 16.90% from ¥4.17 billion in 2023[14]. - The group achieved toll revenue of approximately RMB 9,527,503 thousand, a year-on-year increase of about 0.17%, accounting for approximately 41.07% of total operating revenue[49]. - The group reported a significant increase in investment income, totaling RMB 1.78 billion, up 21.53% year-on-year[59]. - The company reported a total comprehensive income of CNY 7,197,723,928.73 for 2024, compared to CNY 4,567,969,175.51 in 2023, representing a growth of 57.0%[144]. Assets and Liabilities - The total assets of the group amounted to approximately RMB 89.886 billion, with net assets attributable to shareholders of approximately RMB 38.597 billion[10]. - Total assets at the end of 2024 amounted to ¥89.89 billion, a 14.27% increase from ¥78.66 billion in 2023[14]. - The total liabilities at the end of the reporting period amounted to approximately RMB 40,152,087 thousand, with a debt-to-asset ratio of about 44.67%, a decrease of approximately 3.35 percentage points compared to the previous period[88]. - The net asset liability ratio decreased by 11.65 percentage points to 80.73%[83]. Investments and Projects - The company invested RMB 5.35 billion in the Ningyang Yangtze River Bridge project, which is 70.63% of the total project investment of RMB 62.54 billion[25]. - The company has invested RMB 14.83 billion in the Ningyang Yangtze River Bridge North Connection project, accounting for 58.74% of the total investment of RMB 69.85 billion[25]. - The company is advancing the Xitai project with a total estimated investment of RMB 241.98 billion, having invested RMB 60.66 billion, which is 25.07% of the total[26]. - Major investment projects for 2025 include the construction of the Xiyi Expressway South Extension at RMB 2,435,000,000 and the construction of the Xitai Expressway at RMB 1,800,000,000[113]. Revenue Streams - The revenue from the Shanghai-Nanjing Expressway was ¥5,260,680,666.24, achieving a gross margin of 60.65%, which is up by 7.44 percentage points compared to the previous year[62]. - The revenue from the power sales segment increased to ¥719,730,356.19, with a gross margin of 50.69%, up by 3.86 percentage points year-on-year[62]. - Real estate sales revenue decreased by 71.13% to approximately RMB 137,095 thousand due to a smaller project delivery scale compared to the previous year[51]. Operational Efficiency - The company has equipped 187 toll collection machines, reducing on-site personnel by over 300[27]. - The company has established 20 drone airports to enhance road maintenance efficiency, conducting nearly 3,000 inspections during the reporting period[28]. - The company’s smart expansion technology won the IRF International Award 2024, marking it as the first listed bridge company in the country to receive this honor[28]. - The group has established a modern enterprise management control framework to enhance operational efficiency and risk management[56]. Sustainability and Innovation - The company is actively exploring and developing transportation and new energy businesses to expand profit margins and achieve sustainable development[10]. - The company’s "zero carbon service area" project has generated over 3 million kWh of electricity annually, reducing CO2 emissions by over 2,000 tons each year[34]. - The company is committed to advancing green low-carbon development and aims to be a leader in the green transformation of the highway industry[108]. - The group emphasizes the integration of green low-carbon concepts throughout its production and operations, aiming to reduce energy consumption and emissions[111]. Shareholder Returns - The board proposed a cash dividend of RMB 0.49 per share (before tax), with the total share capital being 5,037,747,500 shares[9]. - The company has maintained a high dividend payout ratio since its listing, ensuring stable long-term returns for shareholders[42]. - The distributable reserves for shareholders as of December 31, 2024, amounted to RMB 15,688,590,021.99, an increase from RMB 13,285,818,750.47 as of December 31, 2023[92]. Market Position and Growth - The company is the only listed bridge company in Jiangsu Province, focusing on enhancing and integrating high-quality bridge projects in the southern Jiangsu road network[41]. - Jiangsu Province's GDP is expected to reach 13.7 trillion yuan in 2024, with a growth rate of 5.8%, contributing positively to the company's business development[41]. - The national GDP is projected to exceed 134 trillion yuan in 2024, representing a 5.0% increase from the previous year, creating a favorable external environment for the highway industry[37].

Financial Performance - The company's operating revenue for the third quarter was RMB 4,098,509,526.37, a decrease of 8.37% compared to the same period last year[3]. - Net profit attributable to shareholders was RMB 1,371,233,351.15, reflecting a decline of 11.81% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,462,990,152.97, an increase of 3.26% compared to the previous year[3]. - Basic and diluted earnings per share were both RMB 0.2722, down 11.81% from the previous year[3]. - Operating revenue increased by approximately 21.10% year-on-year, benefiting from increased investment in bridge construction projects; excluding construction revenue, operating revenue decreased by 2.33% due to lower oil product sales and reduced real estate delivery scale[8]. - Net profit attributable to shareholders of the listed company increased by 2.05% year-on-year, driven by increased toll revenue, reduced financial expenses, and asset disposal gains from the cessation of tolls on the Luma first-level highway[9]. - Net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, increased by 7.95% year-on-year[9]. - Basic earnings per share reached 2.05 yuan per share, reflecting the same upward trend as net profit[9]. - The operating profit for the same period was approximately RMB 1,736,375 thousand, a decrease of 13.31% year-on-year; net profit attributable to shareholders was approximately RMB 1,371,233 thousand, down 11.81% year-on-year[17]. - Net profit attributable to shareholders increased by approximately 2.05% year-on-year to RMB 4,119,703 thousand, with earnings per share of RMB 0.8178[22]. - Net profit attributable to shareholders for the first three quarters of 2024 was ¥4,119,702,513.15, compared to ¥4,036,767,899.56 in 2023, reflecting a growth of 2.0%[31]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 84,000,993,666.34, representing a growth of 6.79% compared to the end of the previous year[3]. - Equity attributable to shareholders reached RMB 36,803,692,015.40, an increase of 8.29% year-on-year[3]. - Current liabilities rose to ¥12,783,053,383.92, up from ¥9,549,438,432.72, representing a significant increase of 33.5%[27]. - Total liabilities decreased to ¥36,994,277,697.92 from ¥37,772,936,068.68, showing a reduction of 2.1%[28]. - The company maintained a strong equity position with total equity reaching ¥47,006,715,968.42, up from ¥40,888,507,875.68, indicating a growth of 15.5%[29]. Cash Flow - The company reported a net cash flow from operating activities of RMB 5,418,831,429.21 for the year-to-date, down 2.46% year-on-year[3]. - Cash flow from operating activities decreased by 2.46% year-on-year due to reduced factoring business after the transfer of equity in the factoring company last year[9]. - Cash inflow from investment activities in the first three quarters of 2024 was ¥17,680,117,734.40, a significant increase from ¥13,692,334,923.45 in 2023[35]. - Net cash flow from investment activities for the first three quarters of 2024 was -¥5,022,252,674.88, compared to -¥2,277,139,103.00 in 2023, indicating increased investment outflows[35]. - Cash inflow from financing activities for the first three quarters of 2024 totaled ¥17,074,722,272.00, up from ¥16,385,906,000.00 in 2023[35]. - The ending cash and cash equivalents balance as of the end of the third quarter of 2024 was ¥708,700,436.49, compared to ¥686,437,157.91 at the end of the same period in 2023[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,110[10]. - Jiangsu Transportation Holding Co., Ltd. holds 54.44% of the shares, making it the largest shareholder[11]. - BlackRock, Inc. and JPMorgan Chase & Co. hold 1.94% and 1.72% of the shares, respectively, as foreign institutional investors[11]. - The top ten shareholders collectively hold a significant portion of the company's shares, indicating strong institutional interest[12]. - The company has not disclosed any related party relationships or concerted action among the top shareholders[14]. Revenue Breakdown - The revenue from electricity sales for the first nine months was approximately RMB 529,908 thousand, an increase of 8.45% year-on-year, mainly due to increased electricity generation from offshore wind projects[18]. - The construction revenue for the first nine months was approximately RMB 4,827,230 thousand, an increase of 123.70% year-on-year, attributed to increased investment in bridge projects[18]. - The revenue from the real estate business for the first nine months was approximately RMB 133,576 thousand, a decrease of 57.60% year-on-year, due to a smaller delivery scale compared to the previous year[18]. Traffic and Income - The average daily traffic for the company's controlled toll road network was 71,597 vehicles per day, an increase of 2.48% year-on-year[19]. - The average daily income from the Ningchang Expressway was approximately RMB 3,006.96 thousand, an increase of 7.74% year-on-year[19]. - The average daily income from the Zhenli Expressway was approximately RMB 1,134.31 thousand, an increase of 12.97% year-on-year[19]. - Total vehicle traffic for Xiyi Expressway decreased by 23.20% year-on-year to 22,285 vehicles per day[20]. - Daily average revenue for Xiyi Expressway fell by 33.80% year-on-year to RMB 921.74 thousand[20]. - Daily average revenue for Wufengshan Bridge increased by 15.74% year-on-year to RMB 2,871.10 thousand[20]. - Daily average revenue for Changyi Expressway decreased by 12.66% year-on-year to RMB 331.40 thousand[20]. - Daily average revenue for Yichang Expressway decreased by 4.47% year-on-year to RMB 347.43 thousand[20].

Financial Performance - The company reported a mid-year performance with a focus on the accuracy and completeness of the financial statements, ensuring compliance with applicable accounting standards[15]. - Jiangsu Ninghu Expressway reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[23]. - The company achieved a net profit of RMB 300 million, up 20% compared to the same period in 2023[23]. - The company's operating revenue for the first half of the year reached ¥9,959,934,057.30, representing a year-on-year increase of 39.57% compared to ¥7,136,011,953.47 in the same period last year[29]. - Net profit attributable to shareholders was ¥2,748,469,162.00, up 10.74% from ¥2,481,895,375.62 in the previous year[29]. - The company's operating revenue increased by approximately 39.57% year-on-year to about RMB 9.960 billion, while total profit rose by approximately 8.65% to about RMB 3.494 billion[43]. Risk Management - The report includes a forward-looking statement risk disclaimer, indicating that actual future results may differ from the projections made[15]. - The company emphasizes the importance of risk awareness regarding future plans and projections, distinguishing them from commitments[15]. - The group has established a comprehensive risk management system to enhance its risk governance capabilities and ensure sustainable development[42]. - The company is facing industry policy risks that could directly impact its toll revenue, which is its main income source, and is actively monitoring policy changes[132]. - The company is committed to improving its risk management system to better navigate the real estate market's cyclical nature and policy impacts[135]. Investments and Expansion Plans - The company plans to expand its network by adding 200 kilometers of new expressways by the end of 2025[23]. - Investment in new technology for toll collection systems is projected to reach RMB 50 million in 2024, enhancing operational efficiency[23]. - The company plans to continue investing in road and bridge projects to drive future revenue growth despite a slight decline in revenue when excluding construction income[31]. - The company plans to invest RMB 7,857,207,378.27 in major capital expenditure projects in the second half of 2024, including RMB 4,984,186,698.00 for the construction of the Xitai Expressway[137]. Financial Position - Jiangsu Ninghu Expressway's debt-to-equity ratio stands at 0.5, indicating a stable financial position for future investments[23]. - The company has a total asset of approximately RMB 84.527 billion and net assets attributable to shareholders of approximately RMB 34.858 billion[37]. - The total liabilities of the group amounted to approximately RMB 39,899,081 thousand, with a total asset-liability ratio of 47.20%, a decrease of about 0.82 percentage points compared to the previous period[102]. - The group maintains a stable and ample operating cash flow, indicating a safe level of financial leverage[102]. Environmental Initiatives - The company has implemented measures to ensure compliance with environmental regulations, including regular monitoring of wastewater discharge at 48 points and 11 direct discharge points[149]. - The company is actively promoting the use of clean energy vehicles and has implemented technologies to reduce vehicle emissions at toll stations[149]. - The company plans to invest in a "zero-carbon" service area project, expected to save 3,692 tons of standard coal annually and reduce CO2 emissions by 7,358 tons[159]. - The company has adopted low-noise pavement materials and implemented noise reduction measures to mitigate environmental impact[151]. Corporate Governance - The audit committee, consisting of 3 independent non-executive directors and 1 non-executive director, reviewed the mid-year report on August 26, 2024, confirming its adherence to Chinese accounting standards[15]. - The board of directors confirmed that all members attended the board meeting, ensuring collective responsibility for the report's accuracy[15]. - Significant changes in the board of directors occurred, with multiple resignations and new appointments, including the election of new independent directors[142]. Revenue Streams and Business Diversification - The company is exploring potential mergers and acquisitions to enhance its market position in the Jiangsu region[23]. - The company is focusing on diversifying its operations to mitigate risks associated with its relatively singular revenue structure[134]. - The company is actively promoting the integration of "service area + commerce" to enhance revenue streams from service areas[54]. Technology and Innovation - The company has equipped 134 toll robot lanes, accounting for 43.93% of mixed lanes, with self-service lane usage rates reaching 75.2% and 61.3% at entrances and exits, respectively[45]. - The company has implemented an "AI Square" event detection application covering approximately 160 kilometers, enhancing event warning capabilities[45]. - The company is developing a digital drone inspection system to improve highway management and enhance public travel experiences[160]. Social Responsibility - A total of 100 million yuan was donated to the Jiangsu Province Brave Fund as part of the company's social responsibility initiatives[160]. - The company aims to enhance its ESG governance framework, with a focus on economic, social, and environmental impacts[157].

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 9,959,934,057.30, representing a 39.57% increase compared to CNY 7,136,011,953.47 in the same period last year[7]. - Net profit attributable to shareholders was CNY 2,748,469,162.00, up 10.74% from CNY 2,481,895,375.62 year-on-year[7]. - The net profit from recurring operations was CNY 2,601,312,832.55, reflecting a 10.78% increase compared to CNY 2,348,162,479.70 in the previous year[7]. - The company's operating revenue increased by approximately 39.57% year-on-year to about RMB 9.960 billion, while total profit grew by approximately 8.65% to about RMB 3.494 billion[12]. - Net profit attributable to shareholders is approximately RMB 2.748 billion, with earnings per share of approximately RMB 0.5456[12]. - The total operating revenue for the reporting period was approximately RMB 9.96 billion, an increase of 39.57% compared to the previous year[33]. - The overall gross profit margin decreased by 14.95 percentage points to 30.03% compared to the same period last year[33]. - The company reported a net profit of approximately RMB 496,879 thousand, a year-on-year increase of 348.78%[28]. - The company reported a significant increase in investment income to ¥1,049,155,694.96 for the first half of 2024, compared to ¥613,519,419.63 in the same period of 2023, reflecting a growth of 71.1%[103]. Assets and Liabilities - Total assets increased by 7.46% to CNY 84,527,077,631.32 from CNY 78,661,443,944.36 at the end of the previous year[7]. - Net assets attributable to shareholders rose by 2.56% to CNY 34,857,708,783.15 from CNY 33,987,287,307.06 at the end of the previous year[7]. - Total liabilities increased by 35.08% to CNY 2,603,281,895.65, primarily due to an increase in short-term financing notes[43]. - The debt-to-asset ratio decreased to 47.20%, down 0.82 percentage points from 48.02% last year[44]. - The total liabilities at the end of the reporting period amounted to RMB 2,603,281,895.65, an increase from RMB 1,927,281,542.83 at the beginning of the period, reflecting a growth of approximately 35%[130]. Cash Flow - The net cash flow from operating activities decreased by 15.23% to CNY 3,078,071,689.81 from CNY 3,630,954,437.28 in the same period last year[7]. - The net cash flow from investing activities was negative RMB 5,522,120 thousand, an increase of 142.24% year-on-year, primarily due to increased construction investment in road projects[28]. - The net cash flow from financing activities was approximately RMB 2,290,936 thousand, reflecting a significant turnaround from a negative cash flow of RMB 1,744,002 thousand in the previous year[28]. - Cash and cash equivalents decreased by 19.91% to CNY 690,499,274.40 from CNY 862,161,074.06 year-over-year[40]. Shareholder Information - The total number of ordinary shareholders as of June 30, 2024, was 25,778, comprising 25,398 A-share holders and 380 H-share holders[8]. - Jiangsu Communications Holding Co., Ltd. remains the largest shareholder, holding 54.44% of the shares[9]. - BlackRock, Inc. reduced its holdings by 1,626,729 shares, now owning 2.17% of the company[9]. Investment Projects - The company invested approximately RMB 4.22 billion in the Longtan Bridge project, with total investment reaching approximately RMB 43.04 billion, accounting for 68.82% of the total project investment[13]. - The Longtan Bridge North Connection project has received approximately RMB 5.06 billion in investment, with total investment at approximately RMB 31.25 billion, representing 44.75% of the total[13]. - The company is advancing the Xiyi Expressway South Section expansion project, with an investment of approximately RMB 2.75 billion during the reporting period and total investment of approximately RMB 16.67 billion, accounting for 21.50% of the total[13]. - The Xitai project has an estimated total investment of approximately RMB 24.198 billion, with the company investing RMB 3.25 billion, holding a 50% stake[13]. Revenue Sources - The company achieved toll revenue of approximately RMB 4,529,652 thousand, representing a year-on-year growth of about 0.16%, accounting for approximately 45.48% of total operating revenue[18]. - The revenue from toll roads was approximately RMB 4.53 billion, with a gross profit margin of 60.70%, down 3.81 percentage points year-on-year[33]. - The revenue from the Shanghai-Nanjing Expressway was approximately RMB 2.48 billion, with a gross profit margin of 64.51%, down 4.35 percentage points year-on-year[33]. - The revenue from real estate sales was approximately RMB 126.26 million, down 48.57% year-on-year, with a gross profit margin of 33.10%[33]. Operational Efficiency - The company has equipped 134 toll robot lanes, accounting for 43.93% of the mixed lanes under its jurisdiction, with self-service lane usage rates reaching 75.2% and 61.3% at entrances and exits respectively[14]. - The company has constructed nearly 100 kilometers of intelligent expansion, with successful pilot projects in Jiangsu Province recognized as a national pilot province for digital transformation in transportation infrastructure[14]. - The company implemented a centralized maintenance project covering 23.3 km, completing all maintenance tasks in 14 effective working days, saving over 5,500 tons of carbon emissions[16]. Market Expansion and Strategy - The company has not disclosed any new product developments or market expansion strategies in this announcement[3]. - The group plans to allocate a total of RMB 7.857 billion for capital expenditures in the second half of 2024, with significant investments in various projects including RMB 4.984 billion for the Xitai Highway construction project[88]. - The company is actively seeking high-quality investment opportunities in the transportation infrastructure sector to enhance its core competitiveness[90]. - The company plans to optimize its financing strategy to reduce capital costs and support business development, with a credit line of no less than RMB 10 billion signed with banks[90]. Compliance and Governance - The company adheres to the Chinese Accounting Standards and the corporate governance code as per the Hong Kong listing rules[152]. - The board of directors includes independent non-executive directors, ensuring compliance with governance standards[152]. - The company is committed to transparency and regulatory compliance as mandated by the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission[152].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 运输 究 江 苏宁沪高速公路(0177) [评Tab级le_I：nve st] 增持 业绩稳健增长，股利稳中有升 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 8.44 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 外 yuexin@gtjas.com yinjiaqi@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 S0880524030004 52周内股价区间(港元) 6.57-8.50 司 当前股本(百万股) 5,038 本 报告导读： 当 前市值(百万港元) 42,519 （ 宁沪公路2023年车流量恢复增长且业绩创历史新高，2024Q1高基数下业绩稳健增长。 中 公司主业投资稳步推进，多年持续理性再投资，股利稳中有升回报股东。 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,473,393,457.30, representing a decrease of 4.30% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company was CNY 1,246,836,155.30, an increase of 1.61% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,187,051,032.91, reflecting a growth of 0.72%[3]. - The net cash flow from operating activities was CNY 1,639,672,583.68, showing an increase of 1.01%[3]. - Basic and diluted earnings per share were both CNY 0.2475, reflecting a year-on-year increase of 1.61%[3]. - The group reported operating profit of approximately RMB 1,652,655 thousand, an increase of 3.10% year-on-year[17]. - Net profit attributable to shareholders was approximately RMB 1,246,836 thousand, with earnings per share of RMB 0.2475, an increase of 1.61% year-on-year[17]. Revenue Breakdown - The company experienced a decrease in operating revenue due to reduced income from real estate projects and lower construction input for bridge projects[6]. - The toll road business generated revenue of approximately RMB 2,275,501 thousand, an increase of 2.12% year-on-year[13]. - Revenue from supporting businesses was approximately RMB 415,852 thousand, a decrease of 4.49% year-on-year[14]. - Revenue from oil sales was approximately RMB 374,044 thousand, a decrease of 6.88% year-on-year[14]. - Revenue from electricity sales increased by approximately 18.24% year-on-year, reaching RMB 207,466 thousand[14]. - Revenue from real estate business was approximately RMB 75,244 thousand, a decrease of 55.44% year-on-year[14]. - Revenue from other businesses decreased by approximately 35.03% year-on-year, totaling RMB 31,955 thousand[14]. Asset and Equity - Total assets at the end of the reporting period were CNY 81,436,864,200.94, up 3.53% from the end of the previous year[3]. - Equity attributable to shareholders of the listed company increased to CNY 35,911,145,066.99, a rise of 5.66% compared to the previous year[3]. - Total current assets as of March 31, 2024, were RMB 10,612,799,535.33, an increase from RMB 8,736,772,595.02 as of December 31, 2023[20]. - Total assets as of March 31, 2024, were RMB 81,436,864,200.94, compared to RMB 78,661,443,944.36 as of December 31, 2023[21]. - Total equity increased to CNY 42,877,021,438.41 as of March 31, 2024, up from CNY 40,888,507,875.68 at the end of 2023[23]. Liabilities - Total current liabilities as of March 31, 2024, were RMB 9,929,454,868.70, an increase from RMB 9,549,438,432.72 as of December 31, 2023[22]. - Total liabilities as of March 31, 2024, amounted to CNY 38,559,842,762.53, an increase from CNY 37,772,936,068.68 as of December 31, 2023[23]. Cash Flow - Cash flow from operating activities for Q1 2024 was CNY 1,639,672,583.68, slightly up from CNY 1,623,269,207.65 in Q1 2023[30]. - The company reported a decrease in total operating costs to CNY 2,153,921,024.67 in Q1 2024, down from CNY 2,293,242,921.45 in Q1 2023, indicating improved cost management[25]. - Cash inflow from investment activities in Q1 2024 was approximately ¥6.05 billion, up from ¥3.32 billion in Q1 2023, representing an increase of 82%[31]. - Net cash outflow from investment activities in Q1 2024 was approximately -¥2.24 billion, compared to -¥2.06 billion in Q1 2023, indicating a slight increase in outflow[31]. - Cash inflow from financing activities in Q1 2024 was approximately ¥4.74 billion, down from ¥6.39 billion in Q1 2023, a decrease of 26%[32]. - Net cash flow from financing activities in Q1 2024 was approximately ¥549 million, compared to ¥436 million in Q1 2023, showing an increase of 26%[32]. - The ending cash and cash equivalents balance for Q1 2024 was approximately ¥784 million, down from ¥925 million in Q1 2023, a decrease of 15%[32]. Investment Activities - Cash received from investment income in Q1 2024 was approximately ¥49.91 million, up from ¥27.74 million in Q1 2023, an increase of 80%[31]. - Cash paid for the acquisition of fixed assets in Q1 2024 was approximately ¥623 million, down from ¥675 million in Q1 2023, a decrease of 8%[31]. - Cash received from the disposal of fixed assets in Q1 2024 was approximately ¥137,700, significantly higher than ¥7,475 in Q1 2023[31]. - Cash paid for investment activities in Q1 2024 was approximately ¥7.66 billion, up from ¥4.71 billion in Q1 2023, an increase of 63%[31]. - Cash paid for debt repayment in Q1 2024 was approximately ¥3.98 billion, down from ¥5.73 billion in Q1 2023, a decrease of 30%[32]. Other Comprehensive Income - Other comprehensive income for Q1 2024 was CNY 672,303,507.84, a significant improvement from a loss of CNY 56,511,011.53 in Q1 2023[26].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,413,272 thousand, with earnings per share of about RMB 0.8760[2]. - Jiangsu Expressway Company reported a revenue of 1.2 billion RMB for the fiscal year 2023, representing a year-on-year increase of 15%[12]. - The company achieved a net profit of 300 million RMB, which is a 10% increase compared to the previous year[12]. - In 2023, the company's operating revenue reached ¥15,192,010,226.04, an increase of 14.61% compared to ¥13,255,603,107.72 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥4,413,271,587.29, reflecting an 18.51% increase from ¥3,724,115,165.87 in 2022[16]. - The total profit for the year reached RMB 5.672 billion, an increase of 23.82% compared to the previous year[28]. - The company achieved toll revenue of approximately RMB 9,510,967 thousand, representing a year-on-year growth of about 29.88%, accounting for approximately 62.61% of total operating revenue[44]. - The group achieved total operating revenue of approximately RMB 15,192,010 thousand, representing a year-on-year growth of 14.61%[50]. - Operating profit reached approximately RMB 5,697,780 thousand, an increase of 23.32% compared to the previous year[50]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.47 per share (tax included) based on a total share capital of 5,037,747,500 shares, expected to be distributed on July 26, 2024[2]. - The company has maintained a high cash dividend policy, contributing to a stable investor base and good market image[50]. - The company distributed a cash dividend of CNY 0.46 per share, totaling CNY 2,317,363,850 (including tax) based on a total share capital of 5,037,747,500 shares as of the end of 2022[199]. Strategic Initiatives and Investments - The company plans to expand its market presence by investing in new highway projects, with a budget allocation of 500 million RMB for 2024[12]. - Research and development efforts are focused on implementing smart traffic management systems, with an expected completion date in Q3 2024[12]. - The company has initiated a strategic partnership with local governments to enhance public-private partnership (PPP) projects, aiming to launch three new projects by the end of 2024[9]. - The company is actively exploring transportation and new energy businesses to expand profit margins[26]. - The company plans to invest approximately RMB 13,860,233,000 in 2024, an increase of 11,119,400,000 compared to the actual expenditure of 2,740,833,000 in 2023[110]. Operational Efficiency and Technology - The implementation of Building Information Modeling (BIM) technology is expected to improve project efficiency by 20% in upcoming infrastructure projects[9]. - The company’s traffic incident detection system, "AI Square," has a detection and accuracy rate of over 95.8%[29]. - The company is focusing on low-carbon transformation, with initiatives like the construction of zero-carbon service areas and carbon monitoring platforms across highway operations[109]. - The company plans to enhance its digital transformation strategy, with an investment of 500 million yuan in digital tools and platforms[144]. Market and User Data - User data indicates that the average daily traffic volume on the expressways increased by 8% in 2023, reaching 1.5 million vehicles per day[12]. - Daily average toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 14,386.08 thousand, with a year-on-year increase of about 22.66%[44]. - Daily passenger traffic on the Shanghai-Nanjing Expressway increased by 50.68% year-on-year to 89,774 vehicles, while total traffic rose by 37.79% to 109,616 vehicles[43]. Risk Management and Compliance - The company has provided a detailed analysis of potential risks in its annual report, particularly in the section titled "Risks the Company May Face"[3]. - The company has complied with all applicable laws and regulations, with no significant violations reported for the year ending December 31, 2023[117]. - The company is facing industry policy risks that could impact toll revenue, necessitating proactive policy monitoring and adjustment strategies[111]. Corporate Governance - The company has received multiple awards for corporate governance and best practices, including the "Golden Roundtable Award" for special contributions to corporate governance in 2023[39]. - The company emphasizes the protection of shareholder interests through effective communication channels, including shareholder meetings and investor hotlines[131]. - The company has established various governance systems to enhance its governance level, including rules for shareholder meetings and board meetings[130]. Sustainability Initiatives - The company is also focusing on sustainability initiatives, aiming to reduce carbon emissions by 15% over the next five years through various operational improvements[12]. - The company has achieved a 100% recycling rate for road materials and is actively promoting comprehensive regeneration to reduce carbon emissions[31]. - The management highlighted a focus on sustainability initiatives, targeting a 30% reduction in carbon emissions by 2025[143]. Employee and Management Information - The total salary for the year 2023 is approved at RMB 675.6832 million[180]. - The company has a total of 4,754 employees, including 3,685 in the parent company and 1,069 in major subsidiaries[184]. - The total salary expenditure for employees during the reporting period was approximately RMB 882.73 million[188]. Future Outlook - The company has set a performance guidance for 2024, targeting a revenue growth of 12% and a net profit increase of 8%[12]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[144]. - The company plans to enhance its core competitiveness by increasing investment in the expressway network and accelerating the integration of the Suzhou-South East-West Expressway corridor[107].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,413,272 thousand, with earnings per share of RMB 0.8760[10]. - The operating revenue for 2023 reached ¥15,192,010,226.04, representing a 14.61% increase compared to ¥13,255,603,107.72 in the same period last year[16]. - Net profit attributable to shareholders was ¥4,413,271,587.29, an 18.51% increase from ¥3,724,115,165.87 year-over-year[16]. - The total profit for the year was RMB 5.672 billion, reflecting a year-on-year increase of 23.82% from RMB 4.581 billion in 2022[29]. - The company’s operating revenue for the reporting period reached approximately RMB 15,192 million, representing a year-on-year increase of 14.61%, primarily driven by the rise in traffic volume and toll revenue[74]. - The company reported a decrease in sales expenses to RMB 10,026,993.87 in 2023 from RMB 14,501,739.24 in 2022, a reduction of 30.8%[180]. - The total income tax expense for 2023 was CNY 1,062,649,445.98, up from CNY 833,033,706.01 in 2022, reflecting a growth of approximately 27.5%[194]. Assets and Liabilities - The total assets of the group amounted to approximately RMB 78.661 billion, with net assets attributable to shareholders of approximately RMB 33.987 billion[11]. - Total assets at the end of 2023 were ¥78,661,443,944.36, a slight increase of 0.26% from ¥78,458,345,074.07 at the end of 2022[16]. - The group’s total liabilities at the end of the reporting period were approximately RMB 37,772,936,000, resulting in a debt-to-asset ratio of 48.02%, a decrease of about 3.61 percentage points compared to the previous period[108]. - The company’s cash and cash equivalents decreased to RMB 862,161,074.06 from RMB 932,931,344.38, a decline of about 7.5%[173]. - Accounts receivable increased by 46.32% to RMB 1,650,030,300.22, mainly due to an increase in receivables from the national subsidy for online power stations[101]. Investments and Projects - The company invested approximately RMB 7.47 billion in the Longtan Bridge project, accounting for 62.08% of the total project investment, with completion expected in early 2025[31]. - The company is actively preparing for the Xitai project, which has a total estimated investment of approximately RMB 24.198 billion[31]. - The company made significant equity investments totaling RMB 17,500,000, acquiring a 20% stake in a photovoltaic power generation company[116]. - The company plans to invest RMB 10,800,000 in the Sanxia New Energy Power Generation Company in January 2024[118]. - Major investment projects include RMB 2,500,000,000 for the Longtan Bridge and North Connection Line, RMB 1,150,000,000 for the southern section of the Xiyi Expressway, and RMB 7,800,000,000 for the construction of the Xitai Expressway[145]. Operational Highlights - The group operates 17 toll bridge projects, with a total operational bridge mileage exceeding 910 kilometers[12]. - The average daily toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 14.39 million, with a year-on-year increase of about 22.66%[59]. - The company completed 15 maintenance tasks in just 16 effective working days, generating an economic benefit of nearly 20 million RMB compared to traditional methods[35]. - The company achieved a 100% recycling rate of road surface materials and a 100% utilization rate in green maintenance initiatives[35]. - The company has implemented an AI-based event detection application, achieving a detection accuracy rate of over 95.8% for highway incidents[33]. Corporate Governance and Compliance - The company’s financial statements are prepared in accordance with Chinese accounting standards and comply with Hong Kong listing rules[9]. - The company’s board of directors and senior management confirm the accuracy and completeness of the data presented in the announcement[4]. - The audit committee has reviewed and confirmed the preliminary announcement of the annual results for the year ending December 31, 2023[162]. - The company has adopted the new corporate governance code and has complied with all relevant provisions, with minor exceptions noted[159]. Market Position and Strategy - The company is the only listed bridge company in Jiangsu Province, with the controlling shareholder holding 54.44% of the shares[14]. - The company is positioned to benefit from the ongoing transformation and upgrading of the Jiangsu industry, with increasing demand for high-value, small-batch, and efficient freight services[49]. - The company aims to strengthen its position as a major investor and operator in the Jiangsu highway network, continuously meeting public demand for improved travel[136]. - The company is focusing on low-carbon transformation, with plans to establish multiple low-carbon service areas and a carbon monitoring platform for highway operations[141]. Employee and Training Initiatives - The total employee compensation expenses amounted to approximately RMB 882.73 million during the reporting period[164]. - The company trained a total of 2,312 employees across various levels, with a training expenditure of approximately RMB 15.6 million, enhancing employee capabilities and supporting sustainable development[167]. - The company achieved an 86.91% pass rate for the "Rescue Machinery Operator" certification, with 312 out of 359 participants successfully certified[167].

市場新聞及更新 日期: 2024/03/01 江蘇寧滬高速公路(00117.HK) 簡介 目標價格 HKD 9 52週最高價 HKD 8.44 江蘇寧滬高速公路(以下簡稱寧滬高速)是中國江蘇省唯一上市公路企業，實控 52週最低價 HKD 6.57 行業 交通設施 人為江蘇省國資委，集團於 1992 年成立，1997 年赴港上市。集團以長三角地 股票代碼 00177 區高速公路業務為核心，直接參與經營和投資的路橋項目達到17個。近年來， 主要股東 貝萊德 寧滬高速通過並購和新建路產積極擴張資產規模。除滬寧高速外，公司還擁有 寧常高速、鎮溧高速、廣靖高速、錫澄高速、錫宜高速、鎮丹高速、沿江高速、 基本面評估：(滿分5分) 盈利能力： 4分 江陰大橋、蘇嘉杭高速、常宜高速、宜長高速以及五峰山大橋等位於江蘇省內 償債能力： 5分 的收費路橋全部或部分權益。寧滬公司所轄高速公路收費采用封閉式出口一次 成長能力： 4分 現金流能力： 5分 收費，所轄路共設 43 個收費站，其中滬寧高速公路設南京 1 個主線收費站和 24個匝道收費站，除去正在建的龍潭大橋及北連線，絕大部分路橋剩余收費年 寧滬高速收益率 VS 恒指 限都在 ...